According to the Federal Reserve Bank of St. Louis, which closely tracks current and historical mortgage rates, right now is a great time to refinance your home. The Fed’s average 30-year fixed rate mortgage around the country is 2.91%, which seems insane considering that the average was just under 5% at the end of 2018. As you can see from the graph, this year has seen a dramatic rate plunge, making mortgage money cheaper than at any time since the Eisenhower Administration.
How long will these low rates last? Bankrate.com polled a group of mortgage lenders and economists. Twenty five percent of them predicted that rates will go up in the next few weeks, while 42% expect rates to say the same, and 33% think they will go down further. In other words, nobody knows how long this will last.
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